Nordstrom family suspends plans to take the chain private

The Nordstrom family has decided to take a break from its effort to take the department store chain that bears its name private, waiting until after the critical holiday season before resuming the effort.

The Nordstroms informed a special committee of the company's board of directors on Friday, according to U.S. Securities and Exchange Commission documents filed Monday.

The decision was due to "the difficulty of obtaining debt financing in the current retail environment prior to the conclusion of the approaching holiday season."

By going private, the Nordstroms wouldn't have the intense quarterly pressure to produce profits and could focus on long term goals. Family members involved in the plan include company co-presidents Blake Nordstrom, Peter Nordstrom and Erik Nordstrom; James Nordstrom, who is president of stores; Bruce Nordstrom, the chairman emeritus; and Anne Gittinger .

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The family had been working with Los Angeles-based private equity firm Leonard Green & Partners to secure $1 billion for the deal. They also need to borrow billions more from banks.

Leonard Green & Partners could not immediately be reached for comment.

The holiday season is critical for retailers. This year's shopping binge is especially anxiety-inducing as malls continue to suffer and many large chain stores have filed for bankruptcy protection. The list includes Toys R Us, Gymboree, True Religion Apparel, Aerosoles and Gander Mountain.

But Nordstrom hasn't been hurting as much. The chain has been trying to stand apart from online sellers with its reputation for intense customer service. It also has been thinking creatively about how to keep its shoppers happy. For example, earlier this month, the company opened a store in West Hollywood, Calif., called Nordstrom Local where personal shoppers to help people select clothes and accessories.

The chain also is planning to open a large flagship store in Manhattan in 2019.